Back|
Back |
|
April 2020 - What's New in Tamarac Trading
|
Reminder: Resources Available to Help You Respond to Market Movement Now More Scenarios Where You Can Update Holdings in Your Accounts FIX Flyer Now Accommodates More Custodian Trading Requirements |
With the recent volatility in the market, we want to remind you of the existing resources we have available to help you identify portfolios that may need attention. Just as you want to be a resource for your clients, we want to make sure you have resources you can use to take swift action.
We've compiled this information on Resources for Trading Portfolios Out of Tolerance. These are a few tools you can use to help your clients during this time:
Saved Searches to Find Accounts That are Out of Tolerance.Saved searches allow you to find accounts based on the criteria you specify. A simple saved search could find all accounts with losses over a certain percent of account value. A more complex search could add additional criteria, such as model and tax status.
Tax Loss Harvesting Tools.If you're interested in finding tax loss harvesting opportunities for your clients, saved searches help you find the right accounts. Rebalances specifically geared for tax loss harvesting let you generate trades in those accounts.
Directed Trades and RebalancesTo generate trades in out-of-tolerance portfolios, you can rebalance accounts or use directed trades.
Having timely data on your clients' portfolios is especially important during trading. Before this release, you could use Update Holdings on the Orders page to update the positions in clients' accounts based on the trades logged in those accounts that day. This allowed you to see current holdings and, if needed, complete more trades in those accounts that same day.
This feature did come with some caveats. With this release, however, we've addressed those limitations and expanded this feature to allow you to update holdings in saved accounts or update holdings on subsequent days after a trade was placed. While not common, here are some situations that prompted us to enhance the Update Holdings function:
Some clients logged orders that were held over by the custodian for execution the next day.
Some trust accounting systems do not send transaction data on the trade date and instead send it on settlement.
To use this expanded functionality, you'll still find Update Holdings in the Actions list.
We've also made some improvements to the page to help you use this feature:
In the updated Applied to Holdings column, use color to identify warnings (yellow) and errors (red), which are also links that show you a status message explaining the error or warning.
Add the new Applied to Holdings column to the Orders bulk report and the Orders page export.
This expanded functionality gives you peace of mind that you can update holdings in your accounts without the worry that this option won't work because you've saved an account or didn't remember to update holdings the same day.
We've expanded the capabilities of the FIX Flyer institutional trading solution to accommodate trades in more circumstances by adding an additional account number field: FIX Flyer Mutual Fund Account Number.
This addition fits the needs of more firms by accommodating the trade requirements of some custodians who require modified account numbers as an indicator when they receive trades. This additional account number can be added to individual accounts and is sent to the custodian during a mutual fund trade.
Now, when your firm trades mutual funds with FIX Flyer, you have the ability to use separate account numbers for mutual funds and equities, giving you more options for trading.